Market intelligence is the collection and analysis of data to gain insights into current and future market conditions, customer trends, competitive activities, and other elements that can influence the success of a business. It involves tracking key industry developments, gathering customer feedback and analyzing them for actionable insights. It is different from market research in that it focuses more on understanding what has happened or is happening in the market rather than forecasting potential outcomes.
Market intelligence differs from another similar term – business intelligence – in that it does not only focus on internal business operations but rather looks at external factors for understanding how the company’s strategy should be adapted. Business intelligence looks at data collected across all aspects of the company to improve operations and profitability while market intelligence looks at the external environment to inform strategic decisions. For example, market intelligence will look at customer preferences, competitor activities, revenue opportunities or threats within a specific geographic area while business intelligence might use technology to assess employees’ performance or track inventory levels.
Overall, market intelligence provides an overview of what is happening in order to help companies make informed decisions around their marketing or sales strategies as well as product development. By relying on reliable data sources and leveraging analytics tools and techniques, businesses are able to gain valuable insights into their markets so they can adjust their plans accordingly.
